(MENAFN- GlobeNewsWire - Nasdaq) Increasing Consumer Awareness of the health Benefits of Quality Sleep is Driving the Global Sleep Tech Market's GrowthWilmington, Delaware, Sept. 12, 2024 (GLOBE NEWSWIRE) -- The sleep tech market has experienced significant growth as awareness of sleep's critical role in overall health has surged. Sleep tech encompasses a wide range of products that are designed with an aim to monitor, improve, and manage sleep quality. Increasingly, consumers and healthcare professionals alike recognize the importance of quality sleep for preventing chronic conditions such as cardiovascular disease, obesity, and mental health disorders. This heightened awareness is further driving innovation & demand for advanced sleep tech solutions.
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Applications of sleep tech are diverse, including consumer products like smart mattresses, sleep trackers, and sound machines, as well as clinical devices used in diagnosing and managing sleep disorders. For instance, the Guardian M10, introduced by VitalThings in 2022, offers continuous, contactless patient monitoring, showcasing the integration of advanced technology in healthcare settings. Similarly, consumer-focused devices like the Fitbit Charge 5, released in 2021, provide detailed insights into sleep patterns, allowing users to make informed adjustments to improve sleep quality.
Among different generations, Millennials and Gen Z are the most active adopters of sleep tech. These younger demographics are particularly inclined towards wearable technologies and smart home solutions that integrate seamlessly into their digital lifestyles. They value the convenience and data-driven insights these technologies offer, aligning with their broader wellness and health goals.
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As sleep tech continues to evolve, its applications expand, catering to both individual and professional needs. The ongoing advancements and increasing emphasis on sleep health highlight the sector's growing significance in enhancing overall well-being.
Global Sleep Tech Market: Key Datapoints
Market Value in 2023 |
US$ 18.4 Bn
|
Market Value Forecast by 2034 |
US$ 108.6 Bn
|
Growth Rate
|
17.5% |
Historical Data
|
2016 – 2022 |
Base Year
|
2023 |
Forecast Data
|
2024 - 2034 |
North America Led the Global Sleep Tech Market in 2023
High consumer demand and significant technological advancements are growth factors stimulation the regional dominance. The region's dominance can be attributed to the increasing awareness of sleep health and the adoption of innovative sleep solutions. For instance, Fitbit's launch of the Charge 5 in early 2023, featuring enhanced sleep tracking capabilities, underscored the region's leading position. Additionally, ResMed's expanded offerings in sleep apnea devices contributed to North America's market leadership.
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The growing incidence of sleep disorders, including insomnia and sleep apnea, has driven the demand for advanced diagnostic and treatment technologies. North America's robust healthcare infrastructure and high disposable income further support the widespread adoption of sophisticated sleep tech products. The combination of technological innovation and a strong focus on sleep health has cemented North America's role as the top market for sleep technology globally.
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Comparison Between Wearables And Non-Wearable Devices In The Sleep Tech Market:
| Aspect | Wearable Devices | Non-Wearable Devices |
| Description | Devices worn on the body that track sleep metrics | Devices not worn on the body, embedded in the environment or furniture |
| Examples | Fitbit Charge 5, Apple Watch Series 9, Oura Ring | Somnofy by VitalThings, smart mattresses, sleep sensors |
| Data Collection | Tracks metrics such as heart rate, sleep stages, movement | Monitors sleep through sensors embedded in mattresses or placed in the room |
| Comfort | May be perceived as intrusive during sleep due to wearability | Generally, more comfortable as they do not contact the body |
| Accuracy | Provides detailed personal data but may be influenced by movement | High accuracy for environment-based monitoring; less affected by body movement |
| User Experience | Offers real-time feedback and integration with apps for insights | Provides data indirectly; integration often through companion apps or systems |
| Maintenance | Requires regular charging and potential wear and tear | Generally low maintenance; requires occasional updates and calibration |
| Application | Ideal for personal sleep tracking and health monitoring | Suitable for both personal and clinical use, including sleep disorder diagnostics |
| Examples of Use | Users track their sleep patterns and receive personalized recommendations | Somnofy is used in clinical settings for detailed sleep analysis without disrupting sleep |
| Cost | Often more affordable for personal use, ranging from $100 to $500 | Typically, higher cost, especially for advanced systems; can range from $200 to over $1,000 |
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Following are the major companies active within the sleep tech market:
Casper Compumedics Limited Dodow Eight Sleep Fitbit Koninklijke Philips N.V. Nihon Kohden Corporation Nokia Oura Health Rhythm Sleep Number Sleepace SleepScore Labs Xiaomi Other Industry Participants
Global Sleep Tech Market
By Type
By Product Type
Sleep Monitoring Devices Sleep Apnea Devices Sleep Therapy Products Sleep Aids Smart Mattresses and Bedding Others
By Application
Home Use Professional Use
By Distribution Channel
Online Offline Electronics Stores Pharmacies Others
By Region
North America (U.S., Canada, Mexico, Rest of North America) Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe) Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific) Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa) Latin America (Brazil, Argentina, Rest of Latin America)
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